All Forum Posts by: Tyler Porter

@Mags S. Thanks for the suggestion! I will check it out!

@Ryan Evans @Jason Dhanraj @Nicole Heasley Beitenman @Julie Hicks Thank you all for your input and advice! You have given me a lot to think about. It is much appreciated.

Hi Ian,

Thanks for the response. I actually graduated from BGSU but I do have an extensive network in the area. I hadn't considered that, I don't know that this would be a possibility as my girlfriend will be moving in soon and I don't know that she would be comfortable. I appreciate the idea though!

Congrats man, this is amazing. Very inspiring to see and read!

Hello BP Members,

My name is Tyler Porter and I am relatively new to BP. I am 22 years old and have an extremely high interest in real estate. I plan to get into my first deal here in Findlay, OH in the next year. In the long run, my goal would be to build an extensive holdings portfolio that generates high amounts of passive income, and I would like to switch to REI as my full time career. I recently purchased my first single-family home which is my primary residence. I made several contacts along the way that could be very helpful when I get into this world.

Here is my question: Wait a few years and save enough money to make a sizable down payment on a multi-unit property, quickly invest in my next single-family, or flip houses to start in order to build a capital base quicker?

Being straight out of college, and having just purchased my first home, I am definitely on a limited income. In order to put a decent down payment on a multi-unit in my area, at this income, I would have to save for a few years. Waiting is not my forte, blame it on me being a millennial.

I would be able to invest in my next single family in the next year in the price range that I bought my current house, but I have heard and seen through my research so far that multi-family is the way to go if the goal is to build extensive passive income quicker.

As far as flipping is concerned, I understand there is a high cash flow involved in these deals. There are a high amount of foreclosures in my area that are selling for very low and I am confident in the next year I could have plenty set aside to purchase and flip. My mindset here, and please correct me if I am misinformed as I am just starting in this world, is that flipping can provide a quicker profit if done correctly and doing a few would be a good way to get high funds set aside quicker for a larger investment.

Any and all advice would be much appreciated! Thanks in advance!

Tyler

Aren't those kind of tenants just the worst? I'd say you have the right idea for this one. However, a possibility in the future would be to have a form the tenant signs stating they will be charged x amount of dollars for late key return and also for the changing of locks. Just food for thought!

ONE HUNDRED PERCENT YES. I would advise that you build a business relationship with a credible inspector who you can call on for all of your projects, as I think this is a CRITICAL portion of the process. I had to walk away from an amazing deal because of an inspection and had I not had it done, it would have cost me upwards of $10,000 to fix and that was on a single-family home. It could be much worse when you are talking about several units. My advice, do it.  

This is awesome Cole, really inspirational post. I am new to BP, literally signed up today! I am 22 and have a similar ambition, it is cool to see that someone else around my age is having the kind of success that I am looking for. Really good information and I am happy you are off to a great start. Good luck on your next deal!

Tyler